Chicago, Jan. 25 – Silver Rock Management LLC sold $405.4 million in a collateralized loan obligation being issued by Silver Rock CLO III Ltd./Silver Rock CLO III LLC, according to a presale report.
The notes will mature on Jan. 20, 2036.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 188 basis points, $20 million of class A-2 senior secured floating-rate notes at SOFR plus 210 bps, $44 million of class B senior secured floating-rate notes at SOFR plus 275 bps, $8 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 325 bps, $16 million of class C-2 6.81% senior secured deferrable fixed-rate notes, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 505 bps, $10 million of class E senior secured deferrable floating-rate notes at SOFR plus 871 bps and $43.4 million of subordinated notes.
Silver Rock Management LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2026.
J.P. Morgan Securities LLC was the placement agent.
Silver Rock Management is a subsidiary of Los Angeles-based Silver Rock Financial LP.
| Issuer: | Silver Rock CLO III Ltd./Silver Rock CLO III LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $405.4 million
|
| Maturity: | Jan. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Silver Rock Management LLC
|
| Call feature: | Jan. 20, 2026
|
| Pricing date: | Jan. 22
|
| Settlement date: | Jan. 23
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 188 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 6.81%
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 505 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 871 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.4 million
|
| Securities: | Subordinated notes
|
|
|
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